Which of the following will result in a decrease in the equilibrium quantity of a good? (a) An increase in both demand and supply. (b) A decrease in both demand and supply (c) An increase in demand together with a decrease in supply. 4. (d) A decrease in demand together with an increase in supply

Which of the following will result in a decrease in the equilibrium quantity of a good? (a) An increase in both demand and supply. (b) A decrease in both demand and supply (c) An increase in demand together with a decrease in supply. 4. (d) A decrease in demand together with an increase in supply

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 3.4P

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Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

Question

2. Which of the following will result in a decrease in the equilibrium quantity of a good?

(a) An increase in both demand and supply.
(b) A decrease in both demand and supply
(c) An increase in demand together with a decrease in supply.

4. (d) A decrease in demand together with an increase in supply

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